Former Goldman Sachs Executive Predicts Solana’s Rise
Renowned macroeconomic expert and former Goldman Sachs executive, Raoul Pal, is optimistic about Solana (SOL), Ethereum’s formidable competitor. Pal, who has a significant following of 996,800 on the social media platform X, has shared insights indicating that Solana might lead the cryptocurrency market into a prosperous period known as “crypto summer” in 2024.
Pal pointed out that Solana is exhibiting a classic bullish pattern, suggesting a potential 86% surge from its current value. He stated, “Let’s see, but it feels like SOL is going to lead us from ‘crypto spring’ eventually into ‘crypto summer’ in 2024.”
What Does “Crypto Summer” Entail?
In the cryptocurrency world, a “crypto summer” signifies a period of rising prices, increased trading volume, bullish market sentiment, extensive network development, and broader adoption.
According to Pal, Solana’s price action indicates the completion of an inverse head-and-shoulders pattern, a bullish indicator that could propel SOL to $30 before aiming for $50. He elaborated, “SOL: I’ve been extremely bullish all year. It’s up 171% this year and we are about to test the big inverse head and shoulders at $30. Next major resistance would likely be $50, once confirmed.”
Pal emphasized the importance of SOL breaking out above the $26.79 level, transforming it into a support zone to sustain the potential bullish reversal.
Solana’s Strength Against Ethereum and Bitcoin
Pal also noted Solana’s remarkable performance against Ethereum. He stated, “It has broken out versus ETH.” Currently, the SOL/ETH pair is trading at 0.0167 ETH, equivalent to $26.84.
Additionally, Solana is making significant strides against Bitcoin as well. The SOL/BTC pair is currently valued at 0.000911 BTC.